Tax on car as gift/prize
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 March 2013
A dealer has won a car from a company for maximum sales in the region. Is anything taxable under Income Tax Act 1961?
20 March 2013
yes it is taxable u/s 28 i.e business income
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 March 2013
Thanks Sourabh. Is it clause (iv) of Sec 28.
23 March 2013
Yes it is (iv)
the value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession
the value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession
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